Assignment 30A- Final Reflection

1. This class definitely provided me with a lot of moments throughout the semester. In terms of lows, I believe the beginning of finding out opportunities and writing up little summaries were tedious and almost a waste of time at first. But, as the class started continuing, I realized that there was a purpose and it was actually incredibly useful. The rest of the class after that got a lot better, and I have been enjoying it ever since.

2. For me, both my most formative and joyous experience revolves around the Elevator pitch. The first pitch was the most formative, it reminded me how bad of a public speaker I was and how I really needed to improve my skills. The 3rd was the most joyous because you could see that you are getting better in such a short time, that you feel more comfortable in front of the camera. I think the act of posting a video for everyone to see and critique was really beneficial in showing that it is not such a big deal after all.

3. I believe I have more of an entrepreneurial mindset, but I am not an entrepreneur yet. In order for me to become an entrepreneur I would need to start acting on the thoughts I have written out during this class. I think this class sets the perfect mind frame and plan for how to begin being an entrepreneur, but at the end, you have to do it yourself.

4. I would say my one recommendation is to actually act on the ideas you have presented in your blog. I believe actually doing something will make this class infinitely times more productive for yourself. That is what i would personally recommend. 

Assignment 28A- Your Exit Strategy

1. My exit strategy would be to build the business up from Gainesville first, then move from college city to city and try to keep building the business up. I would try to create a large corporation that runs rentals for college students. After that point, I would most likely retire and pass down the business to someone in my family.

2. I chose this exit strategy because it requires the longest time, but has the greatest reward. If something works in Gainesville, I want to replicate that in other cities and expand my existing business. I am the type of person where I like to obsess over things and do as much of it as I can. Just doing this project and selling it in 5 years when it is somewhat popular is not what I am here to do. Also, I like the idea of working on something that is my own, reaping all of the rewards. I do not want to work for someone else's business and make them rich.

3. It definitely has implications on the decisions the firm makes. My business decisions revolve around patience and reputation. Since I am here for the long-game, I need to be swift and aggressive while also knowing that I have all the time in the world to work and get better. It is that yin and yang which is so important in business.

Reading Reflection No.3

The Book I chose was Mindset: The New Psychology of Success.

1. The main argument in the book is that there are two different kinds of mindsets: growth and fixed. A fixed mindset is someone who believes their abilities are pre-determined and that regardless of what they do, they will remain the same. This can be thought of as the "genetics" argument or "you get what you get and you don't get upset." The other kind of mindset, the one most successful people have is a growth mindset, the belief that you can get better and that you're abilities are not pre-determined. The book explores who the growth mindset is the way to go if you want to be successful.

2. The book definitely enhanced the idea in the class that you will suck at things when you first do it, but you will get better. It is exactly like the elevator pitch. The first one is awkward and pretty nerve-racking for most, but by the third it is so much easier and you are so much more fluid. It is living proof that you get better at things, that the growth mindset is what entrepreneurs need to have.

3. If I had an exercise for this class based on the book it would be one where people take something they believe they are horrible at and make them do it for one month with a growth mindset and see what happens. Say for example, I believe I am just a horrible dancer and cannot change it. I would have to go to a dancing studio for one month straight and believe I can get better and see what happens. I think if you make that exercise, students would see just how wrong they are in their ideas of what they are good and bad it.

4. I think  the biggest "aha" moment I had was the fact that even people we think of as the greatest in their field did not start out that way. Even Michael Jordan did not begin his basketball career as the greatest player in the NBA. I think its the fact that reading this book makes you realize just how important work and consistency is at making you really good at something. It is amazing to me that these people we idolize and look up to were probably not that amazing when they first started, but worked harder than everyone around them.

Assignment 26A- Celebrating Failure

One of the most pivotal failures that comes into my mind is when I got a D in geometry. In my school we had a teacher who was extremely passionate in her field and decided that anybody who was not good at math was destined in her words "to become a garbage man". Being an 8th grade kid who liked playing video games more than actually sitting down to study, I did horribly in the class. That failure really messed up my personal confidence and how intelligent I believed I was. It made me falsely believe that I was not smart enough to comprehend math or not good enough to get into a good college. 

I did learn something about myself though. I learned that I was more resilient than I thought. When I got into UF I ended up taking Calculus 2 and getting an A even though I never needed to take that course. I wanted to prove to myself that I was not a failure and that I could understand higher level math. What that instance taught me about failure in general is that it can be used as fuel. It fueled me to get into UF and maintain a 4.0 GPA because I wanted to prove to myself and those around me that I could compete intellectually. I do not know if it that is a healthy way to cope with failure, but it definitely helped me study on the days I did not want to. This class did teach me that failure is a positive thing and that failing fast is a perfectly viable option. I am glad I could learn more about myself and recount on my experiences with failure by taking this course. 

Assignment 24A- Venture Concept No.1

Opportunity: My opportunity lies in assisting college students in Gainesville with paying for summer rentals when they will not nor will they need their rentals during the summer months. The forces that create this dilemma are simple: landlords are trying to maximize as much profit as possible. Students who I have interviewed are tired of this current situation, yet they use acceptance or what I like to call "It is what it is" in order to diminish the need. What I love about this opportunity is that it brings to light an unsolved need that people forget they even had. Most people already hate the management and rental situation they are already put in, so naturally they do not have much loyalty altogether. This opportunity is relatively big as it can capture a large part of the rental market in Gainesville, but also we must remember it is narrowed down to Gainesville locals only. This window of opportunity will be available until another student think of this idea and acts on it because landlords and leasing companies will never move away from maximum profit.

Innovation: My innovation is simple, create a flexible contract where Students do not have to pay for 12 month contracts if they do not like. The idea is to take the rental amounts landlords will lose during the summer months and allocate an agreed upon percentage to the rest of the months. For example, if a landlord were to be losing 2000 dollars that summer, the agreed upon contract would state that half of that lost money will be spread across the 8 months students do pay. Thus students would pay 125 more dollars per month (1000/8), but not have to pay for the summer. Now understandably, landlords will not like this proposition because they are losing money. That is why my company would own a small apartment building and begin with this idea to show the consumer demand for it.

Venture Concept: It is very easy to see why customers would switch very easily to my idea, they save money and get more freedom. Students already need to live somewhere, so it makes sense to take away customers who are in worse situations and bring them to mine. It is also important to note that this venture will not work out if two things happen: customers do not find out about us and competitors quickly adopt this reform. My competitors in this scenario are the large leasing companies such as Trimark. Since I believe their weaknesses include a lack of response to customer feedback and a slow action time, I think I will be able to attack quickly and gain attention in consumers minds. In terms of product display, the most important things will be price and advertising. Customers need to know that we exist and that we are the cheapest available option. The segment I am going for is the student who uses their own money to pay for college, and who is looking for the cheapest option that will satisfy their basic needs of living in a college town. Comparatively, I am the Spirit Airlines of Gainesville rentals. Ideally, this venture would include student employees who have a far outreach such as large instagrams or snapchats. I would pay them to advertise my living area so that I could create customer awareness and later customer demand.

Minor Details: My most important resource will definitely be speed. I need to move so fast that my competitors are stunned and have already lost market share. I also need to be quick in responding to customer feedback and making sure everything I promise gets done quickly. After solving this issue of summer month rentals, I hope that my venture will move on to looking at other component parts of a contract. Specifically, I hope to negotiate items such as electricity bills, water, etc. to make a more custom rental experience. Lastly, if I were to launch this venture I would hope that in 5 years I have created a whole new rental experience where I am the market leader in Gainesville and can move my product to other larger cities such as Miami.

Assignment 25A- What's Next?

Existing Market: After speaking with people in my existing market, they seemed to be hung up on the idea of flexibility in their rentals. Most people believed that there should be more flexibility in how much electricity they have to pay for, or water, or how furnished their place comes. It seems as if the rental market wants more choice in not just their overall rental payment, but what is being added in to get that calculation.

That got me thinking, what if I could actually include the component costs of the rental price, and allow people to pay more or less depending on what they want. For example, if someone wants slower internet, but cheaper electricity bills, they should be able to have that option afforded to them. Most condos or buildings just assume that all people want the same thing. They end up charging everyone for parking when they may not need it, or expensive internet when they tend to use the library mostly. I think the future of my venture would be to make a lot more things in a rental contract custom and able to be negotiated online. Something that maintains the landlords profit margin, but allows people to get creative with how they want to live.

New Market: In terms of the new market, people believe I have the opportunity to sell the rental idea to the landlords or businesses without having to incur the fixed costs of actually paying for land and apartments. If I could create a program or site that would adjust your monthly prices so that you save money from paying for the summer months while still allowing landlords to maintain a level of profit, it could be a happy medium.

That being said, I think it is a harder market to pursue for sure. I think businesses are stuck in their ways and no one has challenged them yet. I think I would first need to create a huge consumer demand because most companies probably feel the demand for this is not as high as they believe. So, probably expanding my existing market is the better idea than going into a new one.

Assignment 23A- Your Venture's Unfair Advantage

1. Since I am a the first entrant proposing this idea, speed to the market.
Valuable: I believe it is incredibly valuable to be first because it gives you the power to make the first decisions, set the standards, and gain market share.
Rare: Since I am the first one doing the idea, it definitely is rare.
Inimitable: This idea could be copied, which is why speed to market is extremely important.
Non-substitute: There is no substitute that I can think of that provides the same benefits as being first to the market.

2. Ability to reason logically rather than emotionally.
Valuable: Incredibly valuable, emotions plague decision making and lead to bad consequences.
Rare: I believe it is rare to find people who do not let their emotions interfere with their rationality.
Inimitable: A person could theoretically think the same way, but it is very hard to start doing so when you are used to using emotion.
Non- substitute: There is no substitute for good old-fashioned logic.

3.  Smaller sized firm which could adapt more easily.
Valuable: I think when competing with larger real-estate firms and brokers, it is incredibly important to be able to move quickly and answer to customer feedback swiftly.
Rare: In Gainesville, it is rare to see a small firm making an impact in the real-estate market.
Inimitable: Any small firm could crop out and start competing, no doubt.
Non-substitute: I guess a large corporation could provide smaller divisions which could act in the same manner, although it would still be difficult.

4. Access to successful real-estate brokers and agents.
Valuable: Real-estate agents and brokers know the most about what customers want in a certain area.
Rare: To ask for feedback from agents and brokers, I do not know how rare it is.
Inimitable: Anyone could create relationships with brokers and agents, but they cannot re-create my specific relationships.
Non-substitute: Creating customer surveys could provide you with customer info.

5. College students from UF and Santa Fe are employees.
Valuable: Since college students are our customer base, it makes sense to employ some that understand the market.
Rare: In Gainesville, I believe it is rare to have only students work for you.
Inimitable: You could hire students, but I plan to hire the best ones that you can not imitate.
Non-substitute: There is no substitute to a knowledgeable work force.

6. Open corporate culture where everyone's opinions matter.
Valuable: Since I believe the best ideas can come from anyone you employ, I believe it is highly valuable to create an open corporate culture.
Rare: Extremely rare, most companies use a formal hierarchy.
Inimitable: This structure can be copied, but people like their power so I dont know how willing they would be.
Non-substitute: Not that I can think of.

7. Social Media Marketing
Valuable: Since everyone's attention is on their phones, social media marketing is the best way to get to them.
Rare: It is not rare to see social media marketing, but it is rare to see it done well and consistently.
Inimitable: Anyone can make social media accounts, so you must be posting the highest quality things.
Non-substitute: Theoretically, you could use traditional marketing, although I do not think it is nearly as effective.

8. Good Written and Oral Communication Skills:
Valuable: To effectively communicate is a highly valuable skill.
Rare: I would say it is not extremely rare but somewhat rare to find people who truly are good communicators.
Inimitable: You can definitely get good communication skills, so it is something you can copy.
Non-substitute: No, there is no substitute for good communication skills.

9. Thorough understanding of the market.
Valuable: To understand your market is everything. It is the starting point for any good business.
Rare: I think these days in Gainesville it is rare for businesses to understand the needs of college students.
Inimitable: Its hard to stay up to date on trends and feedback from students as a larger business.
Non-substitute: No, without an understanding your business will fail.

10. Incentive based pay and benefits
Valuable: I believe if  you tie a persons pay to their performance, they feel more empowered and will do more for the company.
Rare: It is not too rare to see incentive based pay, especially in real-estate.
Inimitable: Easily copied.
Non-substitute: A good salary could provide the same benefits, but you could end up over-paying.

I think my best resource is definitely my speed to market. I believe without speed to market, the whole idea is something that can be copied by a larger firm before I get a chance to really break ground. Since the real-estate market is definitely something slow moving, a firm that enters quickly will probably not truly be affected for quite some time. This gives us the opportunity to start taking customers and market share before anyone else reacts.